Storebrand has entered into an agreement to acquire an additional 50% of the
shares in Danish infrastructure fund manager AIP Management P/S ("AIP") to reach
a direct ownership of 60%. AIP is founded by PKA and headquartered in Copenhagen
with total commitments from investors of EUR 8 billion (NOK 90 billion).

In 2020, and in conjuncture with committing capital to the AIP platform,
Storebrand Asset Management AS ("Storebrand") became a 10% owner of AIP, being
the first international partner and investor to the Danish infrastructure fund
manager.

The increased ownership gives Storebrand control over a well-established
infrastructure platform that is complementary to its existing alternatives
offering that includes real estate, private equity, and private debt. At the
same time, AIP will benefit from Storebrand's strong market position, scale, and
investor relationships.

AIP will continue to be led by its current Partners, retaining its independence
and operating under the AIP brand, as part of the Storebrand Asset Management
multi-boutique offering. The owners, which continues to include the Danish
pension funds PKA and PenSam as well as the Partners in AIP, will build upon the
strong partnership to further develop and strengthen the AIP platform.

"AIP will expand our investment offering in infrastructure and will strengthen
Storebrand Asset Management's position as an investment partner and a leader in
sustainable investments. Our clients show great interest in these kinds of long
-term investments with stable returns and positive impact like infrastructure.
AIP has a strong track record and sustainable investing is at the core of AIP's
investment strategy. The partnership with the other Danish pensions funds has
worked well and together we now take AIP to the next level", says CEO in
Storebrand Asset Management Jan Erik Saugestad.

Storebrand currently manages an infrastructure fund, Storebrand Infrastructure
Fund, with total commitments of about EUR 1 billion. This fund, and the recently
established successor fund, will continue investing in line with the established
mandates. AIP is already a key strategic partner for the Storebrand
Infrastructure Funds. AIP, which has EUR 8 billion (NOK 90 billion) in committed
capital, adds investment capabilities and a complementary network for deal
sourcing to accelerate the position in Denmark, the Nordics and internationally.

"The partnership with Storebrand has been positive and transparent, rooted in
shared values.  With Storebrand as a majority owner, we have a great partner
that can help unlock our potential and accelerate the drive towards a net zero
economy by enabling even more investors to invest in the energy transition",
says Managing Partner in AIP Kasper Hansen.

The purchase price consideration is DKK 215 million for 50% of the shares in
AIP. The final consideration can be adjusted subject to successful future fund
raising. The purchase price will be financed by cash from the holding company
Storebrand ASA. The transaction will have a non-material effect on solvency and
will not affect the dividend capacity of Storebrand for the accounting year
2024.

The transaction is expected to close in the second half of 2024 and is
contingent on customary regulatory approvals.

Storebrand has been advised by Kromann Reumert and EY.

Lysaker, 26 June 2024

For further inquiries, please contact

Group Head of Strategy, Finance and M&A, Kjetil Ramberg Krøkje:
kjetil.r.krokje@storebrand.no or (+47) 934 12 155

Head of Investor Relations, Johannes Narum:
johannes.narum@storebrand.no or (+47) 993 33 569

Media requests

Norway: Stig-Øyvind Blystad, Director of Communications:
stig-oyvind.blystad@storebrand.no or (+47) 918 47 226

Other markets: Director of Communications Storebrand Asset Management, Sara
Skärvad:
sara.skarvad@storebrand.com or (+46) 70 621 77 92

About Storebrand

Storebrand is a Nordic financial group, delivering increased security and
financial wellness for people and companies. We offer sustainable solutions and
encourage our customers to take good economic decisions for the future. Our
purpose is clear: we create a brighter future. Storebrand has about 55,000
corporate customers, 2.2 million individual customers and manages NOK 1,281
billion. The Group is headquartered at Lysaker outside of Oslo, Norway.
Storebrand (STB) is listed on Oslo Stock Exchange. Visit us
at Storebrand.no (http://www.storebrand.no/)

About AIP Management

AIP Management specialises in energy and infrastructure investments that
facilitate the energy transition in Europe and North America. Our team comprises
90 professionals with extensive expertise in investments and energy working from
Copenhagen, London, Madrid, and New York. To date, AIP has invested over  Euro 7
billion in energy transition assets. This includes renewable energy assets with
a capacity of approximately 7 GW. Once fully operational, AIP's investments,
will contribute to avoiding 10 million tons of greenhouse gasses and support
about 5.9 million households with renewable electricity. Visit us at
aipmanagement.dk (http://www.aipmanagement.dk/)

Head of Investor Relations, Amanda Tonsgaard:
at@aipmanagement.dk or (+44) 758 373 2020